The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-06-17

The Crisi. Past at Isst-A slight Rise Yes
terday Afternoon More Failures.
Wheat Opens Quietly, With a Gre""y
Improved Tone.
CHICAGO. ILL, June 16.-The following
notice given this morning by hersha" u
the latest thing there in the SITUATION III -
Is regarded as unfayorable by the trade
Nothing can be decided until ii
O'Clock. We are promised by that time
posi- i've knowledge whether the remit,
tances are on the way which we are leu
to believe will come.
II is feared at this writing O. ~ AMI
that Kershaw is in tighter place that
he has thus far been. II he canno meet
his obligations, it is considered certain
that dozen brokerage firms VIII DC
dragged down to-day.
7. ID. Armour said this morning The
amount of loss to this market is not near
" so severe as some of the unfortunate
ones are claiming. There were more
losses on the advance, for when the
CLIQUE was advancing the market, we
, no were straddled out between the diff
ferent markets paid out our money. But
most of the failures so far announced
were of men who were broke before this
panic. and who were simply waiting Tor
A rood excuse. They have been thus for
twelve months, some of them. NObo ly
can lose money on Kershaw, for he Is
margined way down He tells me this,
and / know he would not lie to me. He
would have gone through yesterday II
there had not been muddle at the bank
ole came in here and said that he
would pay down to 20 cents. The wheat
is worth that. and the man who sells july
a. New York and buys cash wheat here
has > cents bushcl in secured offered
t2g cents for one half million bushels ot
wheat 10 bank Yesterday when the mar
ket on the board was nominally 10 cents,
and the bank would not sell it. The
banks all say they will not sell. There
would have been great deal OF cash
wheat taken yesterday, but you could
not do business. The banks would not
/ talk to you. They We're too busy with
| the margins
Wheat opened quietly this morning
and with a greatly improved tone. From
/ 72lc July advanced at once TO 13tc. The
price seemed to hold pretty well around
lD
more failures were announced at the
opening. This was a relief There were
men i'm the market ready TO take cash
wheat if it was offered The yelling
seemed to be over. the panicky yelling,
at any rate.
The first announcement this morning
by the secretary was of reassuring sort.
Messrs ]. \. Edwards Il Co., denied that
they were embarrassed and declared them
selves perfectly solvent. 80.
"What has Kershaw got left to save =
everybody is asking His trades have
been quite generally closed although there
are good many houses who have taken
Kershaw's pledge and stuck TO him.
There is, however, the cash wheat, l6,-
600 600 bushels Of H. margined, most OF
il down TO 20 cents. This Is the stake
, Kershaw is trying to save now. 1t is
+ worth not less than - cents if sold at the
seaboard and shipped, worth, perhaps
. even IS cents II that is sold out at n
, cents there is loss Of : OOO,OOO to 81
- 500, 000. This is about all there Is foI
Z Kershaw 10 still struggle for against the
/ fates. II is big stake, however. II Is
future. He may save this If the banks dC
not become panic-striken along with The
rest Of the community and throw II over
while nobody has the money and courage
10 take IL.
The clerks offices i'm the courthouse
, were besieged to-day by attorneys fo
: Board Of Trade spectators with afiidaviii
for attachments on which TO have service
Of garnisLee secured Attorney Francis
- A. Riddle fled the following case "Johr
W. Wiltshire and Howard Eckeri, doinl
business as Wiltshire, Eckert ~ Co
against Maurice Rosenfeld & Co, tres
pass on the case on promises 81 2ODOOO
The cOmplainants assert that they wer
70 sold out without authority, and the.
further claim th,t the funds furnishes
Z the firm were not used according 10 in
siructions, and if they bad been so use'
,. the firm need not have failed IL Is ais
g claimed that defendants owe kershaw
D. Co. 800 900 also that they are liable L
repay all the money advanced them a
margins
THE CRISIS PAST.
Z, CnIcAGO. LII, June l6.-At 1890 o
y Change the manager Of the clearing
p house announced hat everybody Ia
gone through all right. Wheat for Jul
advanced cent on the news. AT ] pm
l. J. Bryant, prominent grain hoss'
,r ordered its trades closed.